Retention, Recruiting Key As Advisor Population Ages

Article Summary
A new report released by Pershing LLC, a unit of BNY Mellon, suggests that while most wirehouses and independent broker-dealers recognize that their core advisors are aging and will soon need to be replaced, few have done much in the past three years to address the problem. [For the] past three or four years, financial services firms have spent a disproportionate amount of their time trimming lower-producing employees -- most of which were of the younger and just-starting-out variety....